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Data published by the Council of Mortgage Lenders (CML) yesterday shows that mortgage arrears and possessions have dropped in the third quarter.
Data published yesterday by the CML shows that 8,900 properties (representing 0.08% of mortgages) were taken into possession in the third quarter of 2010. The total was five per cent lower than the 9,400 cases of possession in the preceding three months, and the fourth consecutive quarterly decline. The number of properties taken into possession was 27% lower than the 12,200 in the same period a year ago.
Since the start of the year, there have been 28,400 cases of possession, trending below the CML's revised forecast of 39,000 for the year as a whole, and significantly lower than the original forecast of 53,000 properties.
There has also been a modest improvement in the number of mortgages in arrears. CML data showed that 176,100 mortgages (1.55% of the total) had arrears of 2.5% or more of the outstanding balance at the end of September, down from 178,200 at the end of June, and from 203,800 a year earlier. This is consistent with the CML's prediction of 175,000 mortgages in arrears at the end of the year, and lower than our original forecast of 205,000 cases.
For further information about mortgage arrears and possession data visit the CML website.
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Data published yesterday by the CML shows that 8,900 properties (representing 0.08% of mortgages) were taken into possession in the third quarter of 2010. The total was five per cent lower than the 9,400 cases of possession in the preceding three months, and the fourth consecutive quarterly decline. The number of properties taken into possession was 27% lower than the 12,200 in the same period a year ago.
Since the start of the year, there have been 28,400 cases of possession, trending below the CML's revised forecast of 39,000 for the year as a whole, and significantly lower than the original forecast of 53,000 properties.
There has also been a modest improvement in the number of mortgages in arrears. CML data showed that 176,100 mortgages (1.55% of the total) had arrears of 2.5% or more of the outstanding balance at the end of September, down from 178,200 at the end of June, and from 203,800 a year earlier. This is consistent with the CML's prediction of 175,000 mortgages in arrears at the end of the year, and lower than our original forecast of 205,000 cases.
For further information about mortgage arrears and possession data visit the CML website.
More...
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